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I have applied for BTO flat and have indicated that we do not intend to get any loan for the new flat (as we intend to make full settlement of the new flat using our current CPF and sale proceeds from our current flat). IF however, during the handover of keys for the new flat, property market is down and the sale proceeds from our current house and our current CPF is not sufficient to cover the full settlement, what will happen? Can we go for bank loan then if we are not able to pay the reminder in cash? Thanks.
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2 Answers

Keith Lee
Replied
Quintino Cassano Lee
Replied
HDB Property market might be down, but Valuation prices will continue to rise despite the current median COV only at 22K.(valuation prices are based on past transacted prices, conditions, tenure yrs, etc) when looking at Sales proceeds, We are looking at the total selling price less any oustanding loan and accrued interest.
Having said that, if you have done your financial calculation base on the current market, the valuation price + COV should be sufficent for your new BTO flat. In my opinion, it should pull you through without a loan.

If you do need any futher clarification, dont hesitate to call.

Cheers.
Quintino Lee
Associate Director
 90027188 
HSR Property Consultant Pte Ltd Read More
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